独家洞察 | 回顾十年前设立的并购基金与其他策略的对比

Core Insights - The article emphasizes the performance of private equity funds established between 2013 and 2015, which are now entering a typical exit cycle [1]. Fund Performance Analysis - An analysis of Internal Rate of Return (IRR) distribution across different performance percentiles was conducted, comparing merger funds with non-merger funds to understand their market positioning [3]. - The majority of merger funds have IRRs concentrated in the 8%-14% and 14%-20% ranges, with 63 funds in each category, together accounting for half of all merger funds during this period [8]. - More than half of the merger funds achieved returns above 14%, with some exceeding 26%, while only 33% of non-merger funds reached this level, indicating a higher probability of exceeding 14% returns for limited partners (LPs) investing in merger funds [8]. - Merger funds are viewed as a significant source of long-term excess returns for LPs, demonstrating higher return tendencies even during challenging market conditions such as the COVID-19 pandemic and subsequent economic downturns [8]. Future Outlook - The uncertainty during the COVID-19 period may have impacted various investment strategies differently, with merger funds showing resilience [9]. - As the market gradually recovers, ongoing observation will be necessary to determine if these funds can generate additional positive value and further enhance return averages [9].